Beijer Electronics' AGM (Annual General Meeting) was held on Thursday 21 April 2005. The AGM adopted the submitted Income Statement and Balance Sheet. Additionally, the Meeting approved the Board of Directors' proposal of dividends of SEK 3.00 per share and the record date for dividends of 26 April 2005. Payment from VPC (the Swedish Central Securities Depository & Clearing Organization) is scheduled for 29 April 2005.
Chairman of the Board Mauritz Sahlin reviewed Board activities during the financial year 2004.
In his statement to the Meeting, Beijer Electronics' CEO Göran Sigfridsson presented operations in 2004 and progress in the first quarter 2005. The CEO concluded that 2004 marked a rapid recovery for the group, so Beijer Electronics could achieve its best-ever year in terms of sales and profits.
Mr. Sigfridsson commented that "the performance of the HMI Products business area remained convincing in 2004, and the launch of the new generation of operator terminals under our proprietary brand EXTER exceeded expectations in the first quarter this year. The coordination of the marketing, procurement and logistics activities of our Nordic operations in the Automation business area has gone according to plan. Profits have been reduced by some coordination expenses, but rationalization savings will now gradually become apparent."
The CEO also reviewed the acquisition of Hitech Electronics of Taiwan, announced in March. This transaction has attracted major attention across the sector and is highly significant in strategic terms, conferring the group with an excellent platform to create long-term growth in the world's most dynamic region. Hitech Electronics has been consolidated from 1 April 2005.
Additionally, the AGM resolved:
· That the number of Board members would be six with no deputies. · To re-elect Bert Åke Eriksson, Anders Ilstam, Hans Linnarson, Joen Magnusson, Mikael Karlsson and Göran Sigfridsson as Board members. Mauritz Sahlin declined re-election. · To elect Anders Ilstam as Chairman of the Board. · To pay total Directors' fees of SEK 750,000 to be divided between the Board members that are not employed by the company, pursuant to the Board's decision. · That Auditors' fees are payable pursuant to approved invoice. · That the company will have an Election Committee comprising five members, with one representative from each of the four largest shareholders immediately before publication, plus the Chairman of the Board. The names of the four members and the shareholders appointing them will be published no later than six months before the AGM in 2006. The member representing the largest shareholder will be appointed Chairman of the Election Committee, who may not be a Board member. · Those shareholders that have appointed members of the Election Committee may dismiss such member and appoint a replacement. Potential changes to the composition of the Election Committee will be published immediately they occur. · That the Election Committee will prepare proposals on the following issues to be submitted to the AGM in 2006 for resolution: (a) Chairman of the Meeting, (b) Board of Directors, © Chairman of the Board, (d) Directors' fees and (e) Auditors' fees.
The AGM in 2004 appointed Authorized Public Accountants Mikael Eriksson and Lars Nilsson, both of Öhrlings PricewaterhouseCoopers, Malmö, Sweden, as the company's Auditors until the AGM in 2008.